The sphygmomanometer market comprises devices that are used to measure blood pressure non-invasively. Sphygmomanometers, commonly known as blood pressure monitors, measure the pressure exerted by circulating blood on the walls of blood vessels. Manual mercury sphygmomanometers are the conventional type that require manual inflation of the bulb to measure blood pressure. On the other hand, digital sphygmomanometers utilize electronic components and sensors to provide automatic blood pressure readings. Sphygmomanometers offer an affordable and convenient method to monitor blood pressure regularly, which is important for managing cardiovascular health risks.
The Global Sphygmomanometer Market is estimated to be valued at US$ 3.92 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the sphygmomanometer market are Omron Healthcare, ICU Medical Inc., Koninklijke Philips N.V., Baxter, Nihon Kohden, AD Medical, Spengler, SunTech Medical, Rudolf Riester GmbH, Microlife Corporation, American Diagnostic Corporation, Panasonic Healthcare, Beurer, Rossmax International Ltd., PAUL HARTMANN, BPL Medical Technologies, and Homedics. Omron Healthcare and Koninklijke Philips N.V hold a significant share in the sphygmomanometer market.
The growing prevalence of cardiovascular diseases and diabetes worldwide is fueling the demand for sphygmomanometers to enable self-monitoring of blood pressure at home. Statistics confirm that nearly half of the adult population suffers from hypertension, emphasizing the need for regular monitoring. Sphygmomanometers provide an affordable solution to achieve this.
Major players are expanding their presence globally, especially in developing regions, to gain more customers. Strategic partnerships and new product launches catering to regional demand are helping companies strengthen their foothold. The increasing access to devices in rural areas through government initiatives is boosting the sphygmomanometer market.
Market Key Trends
The Sphygmomanometer Market Size is witnessing the trend of connected and automated devices gaining popularity. Players are launching Bluetooth-enabled devices that can pair with mobile apps to keep track of blood pressure readings digitally. Data syncing with doctors permits remote monitoring. Automated devices are also emerging that can take readings automatically at predefined intervals without manual inflation. This enhances compliance for patients needing frequent measurements. With self-care growing in importance, technology integration in sphygmomanometers is poised to disrupt the market positively in the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements for manufacturing sphygmomanometers pose a moderate threat. However, established brands have strong brand loyalty and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. However, sphygmomanometers are medical devices thus buyers prefer branded products.
Bargaining power of suppliers: A few major suppliers exist for key components like gauges and pumps. This grants them moderate bargaining power.
Threat of new substitutes: New monitoring technologies pose a minor threat as sphygmomanometers are conventionally used and inexpensive.
Competitive rivalry: Intense as major players compete on pricing and product innovation to increase market share.
Geographical Regions
North America dominates the global sphygmomanometer market in terms of value owing to advanced healthcare infrastructure and increasing prevalence of hypertension. Asia Pacific is the fastest growing region due to rising healthcare spending, large patient population and growing medical tourism. China accounts for over one-third of the Asia Pacific market value driven by a huge patient base and favorable government initiatives to increase hypertension screening. Japan and India are other major Asian countries contributing to market growth. European market is mature with Germany, U.K and France holding major shares.
The Middle East and Africa region presents promising growth opportunities over the forecast period. Factors such as increasing healthcare access, better diagnosis and rising lifestyle diseases will drive sphygmomanometer demand. Brazil dominates the Latin American market because of its large economy and universal healthcare system. Mexico and Argentina also offer scope for market expansion.
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